1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ruslelena [56]
2 years ago
6

How to find principal without interest

Mathematics
1 answer:
n200080 [17]2 years ago
4 0

Answer:

Step-by-step explanation:

What Is a Principal Amount?

Principal amount on a loan is the amount borrowed. To better understand, let's look at the story of John. When John bought his first car he didn't have enough money to pay for it in cash, so he had to take out a loan. He borrowed $7,500. According to the terms of the loan, John had to pay it off in five years with an interest rate of 10%. The initial amount that he borrowed, or the $7,500, is called the principal amount of the loan. Keep in mind that the principal amount applies to more than just loans. It can also apply to money that is invested or deposited into an account. For example, if you open a savings account with a $700 deposit, the principal amount is $700.

What About Interest?

Principal amount does not include interest, or a rate paid as a fee for borrowing money. To figure out the amount of interest John paid during the five years, you can use the simple interest formula, which is a formula to calculate interest paid only on the principal amount. This formula is:

or interest equals principal amount times interest rate times amount of time. Using this formula, you will find that the amount of interest on John's $7,500 loan was $3,750. So, at the end of five years, he would end up paying a total of $11,250. This does not include any additional fees that may apply.

Principal Amount Formulas

For John's loan, we were given the principal amount and used it to find the amount of interest. What if we already know the interest rate, amount of interest, and amount of time, but we need to find out the principal amount? We can rearrange the interest formula, I = PRT to calculate the principal amount. The new, rearranged formula would be P = I / (RT), which is principal amount equals interest divided by interest rate times the amount of time.

Let's try this out by finding the principal amount of a loan that has a total interest amount of $18,500 and an annual interest rate of 6.5% over 12 years.

To solve, we input the values into the equation, P = I / (RT). This gives us:

P = $18,500 / (0.065 * 12) = $23,718

The principal amount of the loan is $23,718.

(hope this helps can i plz have brainlist :D hehe)

You might be interested in
Find the area of the polygon XYZ that has its vertices at X(–3, 6), Y(–3, 1), and Z(5, 1).
elixir [45]

Hope you can understand

6 0
3 years ago
Use the lim f(x)-f(a)/x-a to find the derivative.
Tresset [83]
Hello,

f(x)-f(a)= -3x²-5x+1-(-3a²-5a+1)=-3(x²-a²)-5(x-a)=-3(x-a)(x+a)-5(x-a)
=-(x-a)(3(x+a)+5)
=-(x-a)(3x+3a+5)

lim (f(x)-f(a))/(x-a)=- lim (3x+3a+5)=3a+3a+5=-6a-5
if a=1==>-6*1-5=-11

Otherwise
f'(x)=-6x-5
f'(1)=-6-5=-11



at point(1,-7)

4 0
2 years ago
What is P.E.M.D.A.S?​
KatRina [158]

Answer:

Parenthesis

Exponent

Multiplication

Division

Addition

Subtraction

Step-by-step explanation:

PEMDAS stands for the procedure you take when solving an equation

7 0
2 years ago
Read 2 more answers
What is the mean of the set of data?
krek1111 [17]
The answer is c 10 .....
8 0
3 years ago
Shadi has four bottles. the bottle hold 650 ml,0.38 l , 5020 ml, 0.045 l. Shadi wants to use the bottle that holds closest to 1
erik [133]

Answer:

0.38 l

Step-by-step explanation:

Bottles:

  • 650 ml
  • 0.38 l= 380 ml
  • 5020 ml
  • 0.045 l= 45 ml

Closest to 1/2 l= 500 ml volume? The difference between the given and 500 ml volume:

  • 650 ml- 500 ml= 150 m
  • 380 ml- 500 ml= -120 ml
  • 5020 ml- 500 ml= 4520 ml
  • 45 ml- 500 ml= - 455 ml

The smallest absolute difference in the list above is -120 so the closest one to 1/2 liters is 380 ml= 0.38 l

4 0
3 years ago
Other questions:
  • Me Sidney rented a car for a day. The rental fee consists of flat rate of $19.99 plus 0.21 for an additional mile. For how how m
    15·1 answer
  • Determine whether the graph represents a linear or nonlinear function
    9·2 answers
  • PLEASE HELP <br> does anyone know adding equations look at the picture
    7·1 answer
  • 1200 students attend Ridgewood Junior High School. 5% of students bring their lunch to school everyday. How many students brough
    9·1 answer
  • Please help ASAP!!!! You have a bag of change. Your bag consist of 5 Quarters, 20 Pennies, 10 Dimes and 5 Nickels. If you take o
    6·1 answer
  • What goes into 125 3 times
    5·2 answers
  • Please help! Will give brainliest!
    9·1 answer
  • A machine can manufacture 1,805 nails in 10 minutes.how many nails can the machine make in 8 minutes?​
    15·1 answer
  • HELP FAST 10 POINTS
    15·1 answer
  • A hemisphere-shaped bowl with radius 1 foot is filled full with chocolate. All of the chocolate is then evenly distributed betwe
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!